TTEC earnings analysis
What we found in TTEC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
TTEC’s Q2 2026 results show continued top-line deterioration, with revenue of $455.495 million down approximately 8.2% sequentially and 11.4% year over year, while diluted EPS of $0.03 improved from losses in both comparison periods but missed the $0.22 estimate. The filing provides no new quantitative guidance in the supplied MD&A text. Leverage and variable-rate exposure are material, with $855.0 million of borrowings at an approximate 6.9% rate, while FX exposure increased to 28% of six-month consolidated revenue from 23%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined Sequentially and Year Over Year
- Second-quarter revenue was $455.495 million, down from $496 million in Q1 2026 and $514 million in Q2 2025, declines of approximately 8.2% sequentially and 11.4% year over year.
- EPS Improved but Missed Consensus
- Diluted EPS was $0.03 versus $(0.16) in Q1 2026 and $(0.17) in Q2 2025, representing an improvement of $0.19 and $0.20, respectively, although EPS missed the $0.22 consensus estimate.
- Debt and Interest Exposure Remain Significant
- TTEC had $855.0 million of outstanding borrowings under its Credit Agreement as of June 30, 2026; the borrowings carried an approximate 6.9% interest rate during the quarter.
- International Revenue Exposure Increased
- The company’s foreign-exchange exposure expanded year over year: revenue associated with the disclosed FX risk represented 28% of consolidated revenue for the six months ended June 30, 2026, versus 23% in the prior-year period.
- Hedge Results Turned Negative
- The company reported net losses of $0.7 million on settled cash-flow hedge contracts and related premiums for the six months ended June 30, 2026, compared with net gains of $0.5 million in the prior-year period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Variable-Rate Debt and Interest Risk
- Variable-rate debt creates meaningful earnings sensitivity: TTEC had $855.0 million outstanding under its Credit Agreement at June 30, 2026, and a 100-basis-point increase in Prime Rate or SOFR would add $1.0 million of annualized interest expense per $100.0 million of borrowings.
- Currency Weakness Could Pressure Margins
- Foreign-exchange risk is material because 28% of consolidated revenue was associated with the disclosed FX exposure for the six months ended June 30, 2026. Management states that not all exposure can be hedged and that long-term weakening of non-functional currencies could adversely affect segment margins.
- Transformational Transactions and Retention Costs
- The filing states that there were no material changes to the risk factors in the 2025 Form 10-K, but the company disclosed a retention program tied to anticipated transformational transactions in 2026-2027; participating executives received awards totaling $1.6425 million in stated cash and RSU value, excluding any unstated values for other participants.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.03
What they said about what is next.
The supplied 10-Q text does not provide quantitative revenue or EPS guidance, nor does it state that the prior full-year outlook was raised, maintained, lowered, or withdrawn. Prior reported outlook was revenue of $2.005 billion-$2.055 billion and EPS of $1.06-$1.32.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- In Q1 2026, TTEC reported a revenue of $496.2 million, a decrease of 7.1% from the same period in the prior year. Despite these challenges, free cash flow improved to $21.1 million, and operating cash flow increased to…
- 10-K · February 26, 2026
- TTEC positions itself as a global CX technology and managed services leader combining TTEC Digital (technology, AI, cloud/CRM/CCaaS) and TTEC Engage (AI-enabled CX operations). Fiscal 2025 revenue was $2,137 million,…
- 10-Q · November 6, 2025
- TTEC reported Q3 (ended Sept 30, 2025) revenue of $519,143 (amounts presented in the filing in thousands), down $10,284 from $529,427 in Q3 2024. Gross margin contracted to ~20.3% (cost of services $413,635) and…
- 10-K · February 27, 2025
- TTEC positions itself as a global CX leader combining technology (TTEC Digital) and operations (TTEC Engage) with an explicit focus on AI, cloud migration and integrated CX offerings. The 10-K reports fiscal 2024…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing TTEC makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever